Some strategies work better in a timeframe which is not provided by default in MT4. And I do have a specific requirement to plot 90 min charts in metatrader which is not available by default in metatrader. Iam using 90 min charts for Ichimoku Shorter term Trading system. Moreover, this method will update your custom chart in real-time, so it really is just as good as the default timeframes of the platform.
Step to Plot 90 min timeframe
1)Download the indicator (Period_Converter_OPT.mq4) and extract the file into your /experts/indicators/ metatrader directory, double click on it to bring it up in the Meta Editor, and hit F5 to compile it. (By the way, this is an indicator file, NOT to be confused with the script file period_converter, which is provided in your platform.) It will then show up under “Custom Indicators” in your Navigator box.[wp_ad_camp_5]
2) If you want 90min (M90) timeframe charts , for example, open a normal M30 chart, and apply the Period_Converter_OPT indicator to it (drag/drop it into your chart). In the indicator’s properties box, choose the desired PeriodMultiplier (e.g. 3 i.e 3×30 for M90). IMPORTANT: In the “Common” tab, check the “Allow DLL inputs” box. Also, keep the UpdateInterval “0″ to allow the updates to be in real-time. Sample Axis Bank 30 min charts is shown below.
Axis Bank 30 min chart
3)On the main MT4 platform, go to File>Open Offline and your new chart will be listed, so simply choose it (e.g.AXISBANK , M90). This will bring up the new chart. Any indicators you apply to this new chart (e.g. MAs, Stochs, RSI, etc.) will be based on on the custom time-frame.
4)IMPORTANT: You must keep the original chart (onto which you had originally applied the Period_Converter_Opt.mq4 indicator in Step 2 above) always open if you want the new non-standard time-frame chart to automatically update with current ticks. If you close that chart or remove the indicator from it, the custom chart will not update. The bid line will automatically move on the custom chart to verify that the chart is being updated with new data.
That’s basically it. All multiples will work. So, if you want H12, for example, use PeriodMultiplier=12 on an H1 chart, keeping that H1 chart open if you want the new chart to be continuously updated. (Remember to always check “Allow DLL inputs”, too.)
Just another thought:
Someone asked me if an H2.5 chart was possible. Not if you use H1 as the timeframe for the base chart. But acceptable equivalents would be M150 obtained in any of the following ways:
=150 on an M1 chart
= 30 on an M5 chart
= 10 on an M15 chart
= 5 on an M30 chart
All will give you the equivalent of an H2.5 chart